BNP Paribas has appointed Philippe Marchessaux to head its asset management businesses.

He succeeds Gilles Glicenstein as head of BNP Paribas Investment Partners and chief executive of BNP Paribas Asset Management.

Marchessaux has over 20 years' experience working across BNP Paribas' asset management businesses. He was most recently appointed deputy chief executive of BNP Paribas Investment Partners in February 2009 and has been a member of BNP Paribas Investment Partners' executive committee since 2004.

Marchessaux has played a key role in developing the business strategy that Glicenstein put into place, and has been effectively in charge of the business since April 2009.

He will continue his work on the integration of BNP Paribas Investment Partners with Fortis.

During his career at BNP Paribas Investment Partners, Marchessaux has been involved in a number of mergers, including that of BNP Gestions and Paribas Asset Management. He joined BNP Paribas in 1987.